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Market Overview:Global Marine Radar Market that contains information from 2018 to 2023. The market is expected to register a CAGR of approximately 2.9% during the review period.
Marine radars play a very significant role in offering enhanced safety and surveillance capabilities to military and commercial personnel. Additionally, the radars offer reduced energy consumption and enhanced security as the marine radars with long range detection operate in rough climatic conditions.
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Segmentation:
Based on region, the global marine radar market is segmented as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. In 2017, North America dominated the global market primarily due to the large expenses and developments by the regional companies such as Raytheon and Lockheed Martin Corporation on marine radar solutions. Moreover, stringent government regulations pertaining marine safety and surveillance is driving the market growth. However, Asia-Pacific is expected to witness the fastest growth, over the forecast period. Factors such as increasing technological advancements and increasing disposable incomes of public of countries such as China and India are driving the market growth. Additionally, increasing defense expenditure of countries such as China and India are driving the marine radar market in the region.
Based on type, the marine radar market has been segmented into X band and S band. X band radar accounted for the largest market share over the forecast period. Benefits offered such as enhanced target resolution and higher compatibility with small antennas are driving the market growth.
On the basis of application, the market has been segmented into fishing vessel, merchant marine, military naval, and recreational boat. Military naval segment is anticipated to grow at the fastest CAGR over the forecast period. Factors such as increased adoption of marine radars by governments of various countries and growing demand for enhanced detection devices is driving the market growth.
Key Players:
We recognize the key players in the global marine radar market are Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), FURUNO ELECTRIC CO.LTD. (Japan), Raytheon Company (US), Saab AB (Sweden), BAE Systems (UK), Garmin Ltd (US), FLIR Systems, Inc. (US), Kongsberg Group (Sweden) and Alphatron Marine B.V. (The Netherlands).
Major Developments:
•In February 2019, Lockheed Martin Corporation signed a contact amounting approximately USD 90 million with the US Navy, where the former will provide its marine radar systems to the US Navy.
•In February 2019, Northrop Grumman Corporation launched its marine radar system named SeaGuard. A radar system that offers enhanced situational and surveillance capabilities.
This research report provides insights into various levels of analysis, such as industry analysis and market share analysis, for the leading competitors; it also offers a profile on the key market players. The report assists in studying the target segments by providing views on the emerging and high-growth segments. The market data comprises a basic assessment of the competitive scenarios and strategies in the global air traffic control equipment market, including high-growth regions and/or countries and the political and economic environment. The project report further provides historical market values and pricing and cost analysis.
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